The Hindu Business Line : India Inc reacts strongly to Mumbai attacks

Nov. 27 Corporate India unanimously reacted strongly to the Mumbai attacks, even as security forces continued a pitch battle with the terrorists at the Taj and Trident hotels. The industry wanted tough laws to deal with terrorists and a firmer leadership and approach to terrorism. Multinational companies, while not willing to go on record, were apprehensive about the security environment in the country.

As an immediate reaction, according to reliable sources, Renault India and Mahindra Renault corporate offices in Mumbai have been closed till further notice. All Renault employees in Chennai will continue to work but are forbidden to fly to any part of the country for security reasons. The company will only lift the embargo when it is assured of complete safety, according to the sources.

Mr Rajeev Chandrashekar

Mr Rajeev Chandrashekhar, FICCI President, said “It is time we all join this debate on terrorism and demand stronger and firmer leadership and approach to this threat of terrorism, including better laws.” He said the Indian business has so far been “mute and very detached from this debate on terrorism and tougher approach to terrorism and terrorists, including anti-terror laws”.

Mr Chandrajit Banerjee

The Confederation of Indian Industry said there was a need for an administrative and organised mechanism to deal with terror and have in place a coordinated response mechanism to counter such terror attacks. It said that these terrorist acts would not affect India’s business and industry in the long run. Mr Chandrajit Banerjee, Director General, CII, was confident that Mumbai would bounce back to normality soon.

Mr K. V. Kamath

The CII President and ICICI Bank CEO and Managing Director, Mr K.V. Kamath, said the attacks “clearly show that our institutions could be vulnerable whether institutions of commerce such as hotels or any institutions doing any sort of business”. The HDFC Chairman, Mr Deepak Parekh, said, “Blasts are bad for investor confidence.”

Mr Deepak Parekh

Mr Sajjan Jindal, Assocham President, said the Government should take steps to “prevent recurrence of such incidents”. He said security should be tightened at sensitive places, including business hubs.

Mr Venu Srinivasan, Chairman, TVS Motor Co Ltd, said the Mumbai crisis had severely dented India’s image as a favourable place to live in and do business. “It has created a great sense of insecurity within any part of the country right from trains to hotels.”

“This is a horrendous act that would impact different sectors including tourism. It will also affect the visit of foreigners to India. We need to be more proactive than reactive. The Government will have to beef up security and build confidence among the people,” said Mr R.C. Bhargava, Chairman, Maruti Suzuki India Ltd.

“It is a ghastly act, and we strongly condemn it. We have seen similar instances in London and Madrid in the past, and now in Mumbai. These cities that have been targeted in the past have shown resilience, and Mumbai too will spring back,” Mr Som Mittal, President, Nasscom, said.

“Our employees are safe and business in not impacted. The overall impact, if any, will be short-term as people will be concerned about travelling to India. There will not be any long-term impact,” said Mr Kris Gopalakrishnan, CEO, Infosys.

ONGC Chairman and Managing Director, Mr R S Sharma, said: “We have increased securities and surveillance in the area and even at our offshore installations. We have been telling our people that there is no need to panic. We are taking adequate measures to safeguard life and property and have reinforced security.” Mr Arun Balakrishnan, Chairman and Managing Director, Hindustan Petroleum Corporation Ltd (HPCL), said, “We at HPCL have not been lucky like others. Four of our officers were at the Taj Hotel during the incident preparing for a Parliamentary Committee meeting. While one employee was in the hotel room converted as a control room for the event, the others were in the lobby. When the incident occurred the three in the lobby raced to the basement and later were released and taken to the HPCL guest house. However, one was still stuck in his room and he has been injured in his wrist. The last I spoke to him he was ok and locked himself in the room.”

Nuclear operators meet

The attacks have put a question mark on the meeting of the governing board of the World Association of Nuclear Operators scheduled in New Delhi on December 1. Some 25 nuclear industry executives from around the world were to assemble for the board meeting. “I am getting phone calls from many of them expressing reservations about making the trip to India,” Dr S.K. Jain, Managing Director, Nuclear Power Corporation, told Business Line.

Dr Jain is the current president of the Association that has members representing companies and organisations running nuclear power stations in some 35 countries.

He rued the fact the terrorist attacks had come just at a time when India was succeeding in showcasing its capabilities in the nuclear field, and was trying to capitalise on the opportunity to be “a global player”. He also noted that a 50-member delegation from the US nuclear industry was also slated to visit India in the first week of December, the first such visit since the Nuclear Suppliers Group agreed earlier this year to end India’s three decade long isolation from nuclear commerce.

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